Market Comment

News:

Tariff uncertainty continues as US appeals court declares some import duties illegal. Levies remain in place through Oct. 14 as government takes ruling to Supreme Court. Signet considering new locations for jewelry production, including US, to minimize tariff impact; retailer’s fiscal 2Q sales +3% YOY to $1.5B, driven by expanded use of synthetics in fashion jewelry, with loss narrowing 91% to $9.1M. Round prices under 1 ct. weak: 0.30 ct. RAPI -3.8% in Aug., 0.50 ct. -3.9%, 1 ct. -1.1%. Short working week for US due to Labor Day. Major US dealers with large, focused, low-tariff inventories are in powerful position. Strong turnout at Antwerp rough tenders.

Fancies:

Long fancy shapes such as Oval, Marquise and Emerald doing better than rounds in 2 ct. and larger. High-quality Marquises, long Radiants and long Cushions in short supply. Marquises are most expensive fancy shapes. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Solid US market for elongated Ovals of good shape and quality in D-I, VS-SI categories. US Oval prices 5% to 10% higher than those of Pears. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.